State of Business: How High the Moon

With a strong surge, the stock
market last week reached an alltime peak. The Dow-Jones industrial
average jumped to 694.11, passing the previous record of 685.47 on Jan.
5, 1960. The rise of the industrials signaled the increasing strength
of the market. Though broader-based market indexes had reached alltime
peaks weeks ago, the industrial index, heavily weighted by capital
goods stocks, had lagged a step behind the exuberant pace set by
consumer goods and electronics. Now industrialsthe classic measure of
the market's strengthwere beginning to catch up.